IB 

Union Calendar No. 790 

115TH CONGRESS 

2D SESSION H. R. 6035 

[Report No. 115–1009] 

To direct the Securities and Exchange Commission to revise section 230.163 

of title 17, Code of Federal Regulations, to apply the exemption offered 

in such section to communications made by underwriters and dealers 

acting by or on behalf of a well-known seasoned issuer. 

IN THE HOUSE OF REPRESENTATIVES 

JUNE 7, 2018 

Mr. BUDD introduced the following bill; which was referred to the Committee 

on Financial Services 

NOVEMBER 2, 2018 

Committed to the Committee of the Whole House on the State of the Union 

and ordered to be printed 


pbinns on DSK79D2C42PROD with BILLS
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•HR 6035 RH

A BILL 

To direct the Securities and Exchange Commission to revise 

section 230.163 of title 17, Code of Federal Regulations, 

to apply the exemption offered in such section to communications made by underwriters and dealers acting by 

or on behalf of a well-known seasoned issuer. 


pbinns on DSK79D2C42PROD with BILLS
3 

•HR 6035 RH

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Streamlining Commu5 nications for Investors Act’’. 

6 SEC. 2. EXEMPTION OF COMMUNICATIONS MADE BY UN7 DERWRITERS AND DEALERS ACTING BY OR 

8 ON BEHALF OF WELL-KNOWN SEASONED 

9 ISSUER. 

10 (a) IN GENERAL.—Not later than 120 days after the 

11 date of the enactment of this section, the Securities and 

12 Exchange Commission shall revise section 230.163(c) of 

13 title 17, Code of Federal Regulations, to apply the exemp14 tion offered in section 230.163 of title 17, Code of Federal 

15 Regulations, to written and oral communications made by 

16 an underwriter or dealer acting by or on behalf of a well17 known seasoned issuer if, before such a communication is 

18 made— 

19 (1) the underwriter or dealer making such com20 munication receives written authorization from the 

21 well-known seasoned issuer to act as its agent or 

22 representative; and 

23 (2) the well-known seasoned issuer authorized 

24 or approved such communication. 


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•HR 6035 RH

1 (b) INCLUSION IN PROSPECTUS.—A well-known sea2 soned issuer shall identify in the prospectus filed for an 

3 offering each underwriter or dealer that has made oral or 

4 written communications related the offering in reliance on 

5 the exemption under section 230.163 of title 17, Code of 

6 Federal Regulations. 

7 (c) TREATMENT IF REVISIONS NOT COMPLETED IN

8 A TIMELY MANNER.—If the Commission fails to complete 

9 the revisions required by subsection (a) by the time re10 quired by such subsection, the exemption offered in section 

11 230.163 of title 17, Code of Federal Regulations, shall be 

12 deemed to apply to written and oral communications made 

13 by an underwriter or dealer acting by or on behalf of a 

14 well-known seasoned issuer if, before such a communica15 tion is made— 

16 (1) the underwriter or dealer making such com17 munication receives written authorization from the 

18 well-known seasoned issuer to act as its agent or 

19 representative; and 

20 (2) the well-known seasoned issuer authorized 

21 or approved such communication. 


pbinns on DSK79D2C42PROD with BILLS

pbinns on DSK79D2C42PROD with BILLS
Union Calendar No. 790 

115TH CONGRESS 

2D SESSION H. R. 6035 

[Report No. 115–1009] 

A BILL 

To direct the Securities and Exchange Commission 

of a well-known seasoned issuer. underwriters and dealers acting by or on behalf fered in such section to communications made by Federal Regulations, to apply the exemption ofto revise section 230.163 of title 17, Code of 

NOVEMBER 2, 2018 

Committed to the Committee of the Whole House on the 

State of the Union and ordered to be printed 


pbinns on DSK79D2C42PROD with BILLS